Availability and Renewal of Standard Corona specific products

Last updated: 12 May 2021
Quick Summary
The Insurance Regulatory and Development Authority of India (IRDAI) has issued a press release clarifying the availability and renewal of Corona Kavach and Corona Rakshak policies. Following complaints that some insurers were not issuing these policies, the IRDAI has reiterated that all general and health insurers are mandated to offer the Corona Kavach policy and to renew both Corona Kavach and Corona Rakshak policies. Insurers have been advised to continue offering and renewing these policies.

Insurance Regulatory and Development Authority of India

Ref. No:525/IRDAI/HLT/CK/2020-21

Date:10-05-2021

Availability and Renewal of Standard Corona specific products

PRESS RELEASE

The Authority is in receipt of complaints stating that some of the insurance companies are not issuing Corona Kavach and Corona Rakshak Policies. In this regard, it is clarified that all General and Health Insurers are mandated to offer Corona Kavach Policy vide guidelines dated 26.06.2020.

Insurers were also advised to offer renewal of Corona Kavach and Corona Rakshak Policies vide circular dated 13.10.2020.

On 06.05.2021, all insurers, as applicable, were advised to continue offering Corona Kavach and Corona Rakshak Policies and also to renew these policies.

A copy of the letter dated 06.05.2021 is attached for information of all stakeholders.

FAQ :

Yes, all general and health insurers are mandated to offer the Corona Kavach Policy and have been advised to continue offering both Corona Kavach and Corona Rakshak Policies.

Yes, insurers have been advised to offer renewal for both Corona Kavach and Corona Rakshak Policies.

The notification was issued in response to complaints that some insurance companies were not issuing Corona Kavach and Corona Rakshak Policies.

The clarification was issued by the Insurance Regulatory and Development Authority of India (IRDAI).

The press release was issued on 10-05-2021.

 
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